The following year; the year after a referenced year (often used in writing/formal contexts).
彼は大学を卒業し、翌年に海外へ行った。
He graduated from university and went abroad the following year.
災害の翌年、地域は再建に取り組んだ。
In the year after the disaster, the community worked on reconstruction.
完成は今年だが、翌年に正式に公開される予定だ。
Completion is this year, but it is scheduled to be officially released the following year.